The BitConnect scam exposed

in scam •  7 months ago

   Since I've joined this site, I've seen multiple posts regarding people investing in or promoting BitConnect. I would like to show them how exactly BitConnect works and save them and other users some money, and to also point out how to generally detect a scam. For those of you that don't know, BitConnect is a cryptocurrency(BCC) and a site that promises its users a return of up to 480%+ in cash(not crypto) per year, and even a guaranteed profit of up to 91.25% a year, depending on how much you invest, with no risk of loss! They claim these money are made with a cryptocurrency trading bot that they created.

   Let's take a look at their official guide on how to "invest" in their business. I have highlighted spelling errors with red(discussed at point 1) and suspicious, scam-like business practices with blue(discussed at point 3, which reveals the scam):

   Let's evaluate a few things on this page:

1. Bad English and why it matters

 First of all, there are many spelling and grammar errors, but I just underlined the most obvious ones that anyone can see. Most legit businesses have at least one employee to spell check everything before putting it on the website, if the developers are not native English speakers. However, it's very common for scam sites to have these kinds of mistakes, because they don't have any employees. Why? Because of two reasons:

  1. The scammers don't want the employees to be able to identify them after they disappear with the money;
  2. They want to reduce the costs as much as possible until they shot down the site.

2. Too good to be true

   Let's take a look at what they are promising you:

   For 10,000$+, they claim that you get a guaranteed 0.25% daily interest, which means 91.25% guaranteed return per year. Not only that, but they claim that you get an extra up to 480% per year. Add to that the referral system, which pays your referral 7% of every investment or reinvestment you make, and his referral gets 3%, and his referral gets 1% and so on, until the 11th referral, adding up to more than 12%. So if you invest the same amount 3 times in a year, they would pay your referrals 36%+ of your initial investment. 

   This all adds up to a guaranteed 127.25%+ guaranteed, risk-free interest per year, not even counting reinvesting your interest. There is no legitimate business on Earth that will be able to pay this interest rate to its customers risk-free, plus another up to 480%. There is also no trading bot that can guarantee profits.

3. Suspicious business practices and how the scam works

   To tie it all up, let's now take a look at how you are supposed to "invest" in their trading bot, and how they can(and will) profit from it:

  1. You send Bitcoin to them. They don't ask for BCC, their own currency, they ask for Bitcoin! Why is that? Because their currency will become worthless as soon as they close down the site, but Bitcoin will still be valuable.
  2. You buy BitConnect with your Bitcoin, straight from the developers of BitConnect! Every time a user buys their currency, its price increases.
  3. You give them the currency you just bought in exchange for the promise of getting back its value in cash after 4 to 10 months, and some daily interest. The interest is paid in Bitcoin, but the amount is calculated in dollars.  Now they have your Bitcoin and you also just gave them back their own currency and increased its price when you bought it. What do you have? A promise.
  4. They also offer a very generous referral program, so many people promote their site on YouTube, Facebook, forums etc. This helps to bring a ton of people to the site. It's a snowball effect: the more users they have, the more users they attract. The funds of new users are used to pay the old users.
  5. When not enough new investments come in to cover  the costs of paying the old users and still make them a profit, they sell all of their ShitCoin BCC, which increased in price by 7000%+ since they released it because of their users buying it and giving it back to them, but almost never selling it. They also have a ton of Bitcoin to sell, but at this point it's worth a lot less than the total amount of BCC they have. They then disappear with all of the money.

   To recap: They attract users by promising amazing returns on their investment. They artificially increase the price of their crypto by tricking users into buying it with Bitcoin and giving it back to them, along with the Bitcoin. They pay back the interest to their users from new investments. When their profit is maximized, they sell all of their artificially inflated currency(7000%+ since release) and Bitcoins and disappear.

   I hope you found this article useful. Upvote it if you enjoyed it and follow me for more quality content.

   If you are interested in legitimate investment opportunities, check out my previous article on the top 3 cryptocurrencies to invest in for the long run:

https://steemit.com/cryptocurrency/@thegrinder/best-3-cryptos-to-invest-in-for-the-long-run-as-bitcoin-replacements-5-years

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when i saw this project i had red light right away due to:

  • fake volume, they made coinmarketcap to add their own exchange and thats where vol was
  • fake promises (ponzi style) of crazy % getting back
  • ref program paying extra % on top of this

3 signs of a scam to me.

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Are you saying they OWN coinmarketcap ?

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It's most definitely a ponzi scheme, I mean whenever you see GUARANTEED, run for the hills! 10% annually is difficult to believe for sizable investments, let alone a few hundred percent. It's laughable. Unfortunately many will fall for this.

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Dude it totally does work. I invested starting with 100 bucks and am up to 150 with only 3 referalls and interest for 7 days...

Now im gunna invest three thousand and reivnest every interest accumulation inmultiples of ten then 100 daily and explode it!

Best part is u cash out anytime

The BEST way to earn exponential compound gainssz in BITCOIN PA$$IVELY is to join bitconnect and get Paid Daily interest on trading bot loans..

Join my team here with my affiliate sponsor link:

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Or code:

"spliffgod"

On signup

Using my link recieve:

  • FREE 5$ bonus (bitcoin) when you loan your first $500 or more

+++ a free copy of my ebook/ audiobook hypnosis course 'ULTRAKARMATICS' for harnessing the power of automatic manifestation for creating passive digital riches in the matrix..

Aswell !!!

  • Free with ANY loan over 100$

-Plus * FREE* Bitconnect / Crypto Currency investing coaching from me for life!!!

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Or follow me on
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-6K

follow for updates, will be on my steem page
(Red pills Only)

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I thought this was a troll post at first, but was saddened to see it was serious. Bitconnect is an obvious scam, similar to Gladiacoin. No financial institution can guarantee 1% returns every single day. Even top hedge funds such as the Baupost Group only average 20% yield a year.

The model of Bitconnect is unsustainable and it will collapse once investor confidence becomes more wary.

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tell me about it! I was dying as I read this xD

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did you actually read what they say on their site? I will make it for you

The daily profit is not guaranteed. The interest rate that you earn daily using our investment platform is calculated by our BitConnect Price Volatility Software and accrued daily. Some days, the profit may be 0%.Read more

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this is true. i have had about 4 days in the past one year i have been earning where i did not receive an earning. the 1% is the averae. i have had .05% and 5.0% days, very few, but most days i earn about 1.50% average, it is very possible for them to pay these earnings when everyone is trading their coins.

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whilst I am still on the fence about whether its a scam or not I don't think they actually guarantee any 1% per day return anywhere that's simply the average. There are plenty of days where it makes no return whatsoever. Control Finance on the other hand is quite clearly a scam. I got caught out but knew full well that it was a scam. Sometimes you can make more than your original investment back anyway by the time they do fall over.

As for BitConnect from what I am led to believe there are trading bots out there that can average 1% a day trading the volatility of bitcoin. I suspect if they are legit the fluctuations in Bitcoin will reduce over time and therefore so will the returns. There are some good videos on YouTube that cover how it could be possible that they could generate these sort of returns.

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it is very possible. i started out with 100.00 a little over a year ago and i have taken out over a thousand dollars in profits already and i now have 1600.00 loaned to them. i have reinvested from my profits to give them that loan. plus every time my loan contract is up after the 298 days i get my loan paid back after all the profits i had made for my 298 day loan. they pay instant withdraws every time. plus you can also send your coins to 3 outside trading platforms and sell them there and buy other coins. so if you decide to build your ether or dash inventory up just send your coins to one of those platforms and get any coin you want from your earnings. http://weurls.com/MileHighMillionaire

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Your comparing apples and oranges. This is not a regulated stock market They don't guarantee anything. Have you done any research? This article is 5 months old and bitconnect is still here paying out.

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They [scams] all 'work' initially, sometimes up to a year, before the originator backs out with all your coins/cash. Ponzi works by paying you the 'interest' from new user 'investments'. They want to make it seem legit so this carries on for several months before the withdraws stop processing and support no longer answers tickets, then it goes offline.

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i guess they must be gone already then because they are way past a year in business.

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They seem to still be doing well, I am about to try it at the end of January, lets see.

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Will they run with their own Bcc coins?? You can only buy bcc from other traders and stake, lent and mine bcc. They dont receive btc from buyers. They pay out in their own Bcc coins. You sell them to other investors.

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definition of a ponzi scheme and mlm, if you dont care about your personal reputation, go fo it!

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all my referrals are constantly thanking me for telling them about bitconnect and a lot of them are sihning u in my other businesses because they are so thankful.

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Hello. I would just like to thank you so much for your amazing post.
http://www.bit-sites.com/p/bitconnect-tutorial.html
This step-by-step tutorial, help my How do I buy bitcoin from coinbase and send it to my bitconnect account

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Thank you, Arcane Bear. it is amazing what people will fall for. Suppose what most who believe don't realize is that it all works fine until it doesn't. until the pyramid leads get the most $ they can and walk. period. How long did Bernie MAdoff mislead people for a Billion before he made off with their money? A decade? longer. i get excited on any first impression too; it's human nature, then you use your brain and research it. Enjoy it while it lasts. I give it to early December and their gone with your dough.

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and that's your biggest concern, LOL

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the only white paper i need is toilet paper, but other colors will also work in a pinch. but yes, i do like the white paper the best

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They have a roadmap and a nice website. Plus their coin is MINEABLE.

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i can't help it, i just have to give my opinion on this. all he can do is hate. i looked at his 3 coins he is trying to promote and he doesn't mention how bitconnect coins bcc is traded on 3 public trade platforms that won't let a scam coin stay in if they find out it's a scam. at the same time he is running bitcoin down that every single coin was built from and no coin will ever survive if bitcoin ever disappears he is promoting dash coins that has skyrocketed but was created by one of the biggest scammers to ever hit the internet. dash was originally created as a scam but people did not know it so they bought it and drove the price up. so who sounds like they are concerned about you now?
as for bitconnect, they really can pay those kind of profits because they are making that kind of money. i got in a little vera year ago with my 100.00 and rite now i have 1600.00 loaned to them from my profits, plus i have withdrawn over a thousand dollars. they instantly send back my loan as soon as the 298 day contract is up even though i have made profits from it for 298 days. so you are earning for free because they are earning big from their robot. yes they make profits from the members who sell high and try to buy back lower and end up taking a loss to get their coins back because they start jumping in price and they don't want them to get away from them, but that goes for all coins. that's how the trade robot makes it's money. you can do exactly what the robot is doing but the robot is going to do it better. they also charge a small transaction fee for everyone doing their trades, imagine how much they can earn just from that when millions of transactions are done every day. yes they are making lots of money that can be proven, bt no one can prove they can't afford to pay such high amounts in commissions, only opinions, no facts. i have had about 4 days this past year where i earned zero because the robot did not earn, i have had about 8 or 10 days maybe where i only earned 2 cents or a nickle. but i have had a few days that i earned over 5% and many days where i earned over 1.50% so yes, it probably averages about 1.25% a day if you average it. this place makes millions so why can't they afford to pay it back? they are also earning so they don't want to lose what they have. i have sent many of my bitconnect coins to an outside trade platform called livecoin https://livecoin.net/?from=Livecoin-Ub5t4keE
where i sell them and buy etherium coins. so they are building my ethers also. no one can come up with any real proof that bitconnect is a scam. never have, never will. the haters can only say it's not possible to earn that much but again, they can't produce any proof. just because they have an opinion it don't make it so. if they earn one million dollars from their trading platform why can't they pay the members three quarters of a million back? i don't know anyone that is not happy from their earnings from this site. they could have ran off with millions a long time ago if that was their plan. their coin has dropped in popularity in the past 6 months from number 15 on the top coin ratings list to about 130 now, but there have been a lot of new coins to come out so you can't stay number 1 forever. thats 130 out of about a thousand coins by the way, still not bad. so i say to all the haters, i'm sorry about your luck. you should have gotten in back when the coin was only 12 cents each about 9 months ago. it's still not too late but you could have been richer if you bought up about a thousand coins for 12 cents and sold them today and you would have earned over a hundred thousand dollars for a hundred dollar investment. don't keep thinking negative like people did with bitcoins when they said since it was 150.00 it has to be the end of it. bitconnect still has plenty of growing room. who would have ever thought dash would have grown so high since it was created by a known scammer. research it and you will see.
anyone that wants to become a millionaire with me just join my team and i'll show you bitconnect is real and they are paying real profits just so they can borrow your money to trade on their inhouse platform for bitconnect coins. they do not force you to buy or sell in their platform. you can send your coin outside to 3 different trade platforms and they can't make money from your coins. but at least they give you that choice to remove your coins and do business elsewhere. they are your coins and you decide what to do with them. if you decide you can even put them in your outside wallet and earn from staking them. they are your coins. http://weurls.com/MileHighMillionaire

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A very decent answer.. Thanks

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Do you have your own private key? Then scary... Speaking from 3x and your almost out experience.

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Where did you find out about this fake volume? I like the post man its making me think rethink, check out my experience with it I jus posted this.
https://steemit.com/bitconnect/@nesstopher/has-anyone-received-their-bitconnect-loan-back

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United states debt based fiat currency
#fakevolume
#fake promises
#interest on inflation
i would rather trust bitconnect then gamble on usd.
see you at the finish line.

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here here, i stuck 1k into the platform and the returns a week later we nuts. i've reinvested everything and am putting in a total of 5k within 60 days. haters be damned xD

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So far it has paid out pretty well. I have no referrals and 1/4 my seed loan back already in 2 weeks. I think the way I'm doing it I cannot hurt anyone but myself, so its a risk I was willing to make in the hopes of paying off the 98k in college loans I have to pay :\

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Yeah, bitcoin a scam, bitconnect a scam and we daily go and exchange a piece of paper for buying goods and services ... and now a plastic ... with inflation at 3-4 % ... isn't USD the biggest SCAM ? or do we trust govt's printing press more!! I only invested .5 BTC and in 90 days I will make 100% return ... let them run away with my initial investment ... I will still be much better off as compared to keeping it in bank for 1% interest.

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Secondly I don't say that it is or isn't a scam ... the thing is that ... there is no story ... video ... coverage of press ... of a single incident where they have stolen someone's money, ran away with it or done something that is against law.

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I will post my experience in a month's time ... let's see if it is a scam .. if it is I will atlas have a proof!

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I recently decided to see whether this is for real or not. 2 days in heh.

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I'm guessing you are a happy man 2% the last couple of days with the crazy volatility! :)

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what is the update of your experience?

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Upxate please its 3 months on..

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Its very true, i want everyone to think about this. We are trusting our savings, our bills, our lives on what....Paper and some metals! Lets diversify and dont knock it till you've tried it! #cryptolife

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Know what? Long as u take your initial investment & profits & remove them from bitconnect clutches, I'm sure you'll be A-OK. Play with house $ and you can't lose. It's only the suckers on the tail end that get hosed!

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Helluva point you made there. However, the worthless usd will still be floating around long after bitconnect is dead & stinking! Honestly, I can't imagine how they've propped it up this long.

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I had a couple hundred dollars burning a hole in my posket, so I thought I'd test drive this scam. I did the same thing with PB Mining when it was blazing away full steam ahead. Got my money back because I got in early I guess. Hopefully this will be the same, but we will see. Soon I'm going to post my progress so you all can see. Let's do this together! haha

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I would add that any new business that has more than 1 tier affiliate marketing, looks dodgy at best. Bitconnect are deffinitelly 100% scam

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those parameters fit with poswallet.com to to a degree, but it is still legit and the devolopers are working their ass off to get a good altcoin wallet. So average joe's don't need to deal with compiling wallets and have all this clients installed on their pc.

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The OP completely skips over important points.
-Bitconnect lending is tied into buying into a cryptocoin, artificially inflating its price and then lending THAT coin, not cash.
-Payouts are made in BitconnectCoin and NOT made in cash, this allows it to be able to support payouts because it isn't depended on whether bitconnect has cash to pay out but on whether they have BitconnectCoin to lend, which they have the largest reverse, it is PoS, and when they pay out the value goes down AFTER they give you the BitconnectCoin, which is important.
-If there was no trading bot, which a 1% per day trading bot for an experienced trader, moved into crypto, could EASILY make, they could STILL support what they are offering because of the BitconnectCoin alone.
-The trading bot never offers 1% like many people argue it does and it DOES and HAS for many days in a row offer 0% or near 0% for many days back to back and they make no guarantee that this will never happen forever
-people argue they make a GUARANTEE, They make NO GUARANTEE.

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BitPetite is way better. higher returns and less risk because your initial investment is only locked up for 6 or 9 weeks. you can deposit in BTC, LTC or ETH so no need to buy and lend a different coin. i'm earning huge amounts of BTC while alts are struggling
https://bitpetite.com/?aff=tps8068

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I tried your link to Bitpetite and it doesn't go anywhere. Can you explain to me how its better?

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well its appear on CoinMArketcap
https://coinmarketcap.com/currencies/bitconnect/ #9 today

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Hi! bitconnect is working fine for me. there are many redflags but also many (greenflags?).
You can choose to consider either side. Bitconnect, just like many things in crypto is governed by the rule invest what you're willing to lose.

If you're new to BitConnect, consider joining my team to earn 10% of your first investment back and be a part of regular giveaways!

How to earn 10% of your first investment back

  • Use bitcc123 as a sponsor when you sign up
  • Email me at mclee2999@gmail.com your BCC wallet address, your BCC username and how much you invested
  • Follow my Steemit page for regular (once a week) BCC giveaways starting on the 18th of November!
  • If you already have an account, you can add me as your sponsor
  • If you already have another sponsor, consider making a new account
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ofcourse it works.. until they stop having new investors.. then the thing collapses and all you money is gone.

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That is true. However, I PERSONALLY feel their collapse is still far away. I mean, as we speak they're hosting their first annual ceremony.

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It will probably collapse at a high point like this.. Before any signs so people don't retrieve the money... I hope it makes profits for another 280 days thought.. .

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You are a special kind of stupid aren't you? Can't get a real name and peddle your snake oil on the same thread discounting everything you're selling. How about an address and history of EXACTLY who runs this outfit so when they flake off with your money you can hunt them down? Bet that's not in their "About" page now is it. It's a front to take, take, take until they no longer make a profit and then they TAKE a nice long vacation sipping fruity drinks with umbrellas in them while chuckling at stupid jokes on a beach located in a non-extraditable country. When will we start handing out marbles to little kids again so society doesn't keep raising all these idiots that are ripping off the world and flushing our morals down the toilet? /facepalm

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7 month old post... Imagine what money you could have made in that time?

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It has worked for me. Got my investment back already and now just gambling the house money. Watching my account grow! Haven’t even tried to get any referrals but if anyone is interested https://bitconnect.com/?ref=joriko

8,271,913 max coin count. (I know, no white paper) Mineable. Stake-able. Wallets work great. Fast transactions. Iphone and Android app work great. Coin is now on trading sites as well as their site. Track record so far. I am not so sure. I also think the same rule applies, in crypto, only invest what you can afford to lose. That is my position so putting money into BCC is the same thing. Anyway, I bought a bunch of it at $2 and because of all the FUD, I sold it at $9. It is at $202 today. Oy.

bots are quite normal to run in both the crypto comunity and real world economy. Just think for a second that you own bitconect, you run this trading bot. You give it forexempel 100 btc(100 btc is quit easy to optain for startups) to play with. Then I deside to invest 100 dollar of my money. Thats not much bitcoin comperd to what the bot alreddy have. then 10000 people do the same then the bot get quite rich after a while. And let say you get 1% +50%( of the initial main profit of the bot) from the profit of the deposits to the bot and 10% goes direct to make the bot grow in wealth. Your site grows each day. Customers withdrawels happens mostly in bcc. that they exhanged for the dollar number standing on the page. ore they use your exchange. You get more rich from running the site with a real trading bot then running with the money. Pleas stop spreading stuff that you don't know fore sure. It is a ton of money in trading. So returns are not that out of the world. The Bitconect bot actually have dry weeks. And the ref-program is totaly defendebel that they need alot of trafic to atract people to the bcc token. that one go up in price they have more money then it is posible to pay out to the afliate marketers.
PS:This numbers are totaly made up not based on facts at all. it was to paint a picture of how it could be.

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A ponzi scheme always work fine for the first people that jump in it ! When I see the market cap of BCC and all the buzz on youtube about it, I can guess for sure it will alive during many months (maybe 1 complete year or more if the global market cap about crypto still going up.

BUT

You should understand that the only reason that you receive your daily profit it's because news subscribers jump on the BCC boat and feed it by adding some fresh $ or Bitcoin in their website.

But at the end when no customers will enter or when the market cap of this thing will catch a HUGE amount, it will disappear with all the money !

Bitconnect is just a titanic boat and it's not because the music and lights still going on that it will not diving and dying on the middle term because this boat has never been able to float anyway ! It's base on an unstable and irrealistic model !

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djey, completely agree with you but is it wrong to join a a ponzi scheme during the beginning? In all ponzi schemes the first people make there returns ++++++ I mean the early people that actually make a profit can't be blamed for profiting from a scam, they joined under the same pretenses as the people at the end that loose all of there $. Such is the lottery of life in my opinion.

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I give back 75% of my referral bonus, whatever the initial amount you invest!

If you are new signup with my referral link https://bitconnect.co/?ref=Astrael If you already registered you can change your sponsor to " Astrael"

After assigning me as a sponsor and Lend money, send me your BCC (Bitconnect Coin) address,user name and the amount in USD that you lend to cryptoastra@gmail.com or in the comments below and I Will transfer your cut.
My referral link https://bitconnect.co/?ref=Astrael

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Honestly same for me, I put in $100 with no F***s given to see what happens, if it is a scam then I will go out less 1 night, if it isn't then WOOT. Honestly I know alot of scammer are using it and promoting it so maybe giving it a bad name. But some money already recouped so...... update to be pending.

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Cool man this is the spirit ! Let's try ! 100 bucs you spend in a good dinner !

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So how is that going?

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But I just watched your videos advocating bitconnect? Hmmm Fishy

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??? Craig grant you of all people should defend the platform! What do you mean with perfect?

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Perfect balace, every story needs 2 sides

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So why not share your side of the story in this post where so many people agree it is a scam? I assume you have an interest in defending your views on bcc. I'm on the fence but you know what they say about something which sounds too good to be true...

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If it sounds too good to be true, then you fear, so dont do it

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I merely seek the truth and you seem to be in a better position than me to offer it due to your better knowledge of BitConnect.

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I'm still not sure whether it's a scam or not...I've done an analysis on the rate of return vs. BTC price volatility, pls check and let me know your thought:

https://steemit.com/cryptocurrency/@ka82/bitconnect-investment

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I read, upvoted and commented on your article @ka82. Nice work!

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even graig grant doesn't have any trust in it at all even though he uses it. he sees that his reputation is on the online.

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The numbers are not made up. They are taken straight from their website. Tell me which number you think I made up, and I will provide you with the exact link to the information on the BitConnect website.

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my numebers!

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And the "paint pictures" are screenshots from their website.

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This token in now 100.00 and I have made a ROI of 9.4% in just eight days. I totally agree with you. With the volatility in BTC it is easy for a bot to be profitable with a 1% return to investors trading BTC. These scam claimers obviously do not trade BTC or are terrible traders...a monkey can earn 10% returns daily trading in this market.

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I can not believe you are still promoting it and giving out your referral link, on a post that exposes it as a scam, nonetheless!

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It's the page that prompted me to write this article :) You might want to go through the comments, where the author says he believes it's a scam and is no longer promoting it.

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but he still got his $1500 back after 239 days, and made $842 in profit on the loan

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  1. He did not get his money back yet, because 239 days didn't even pass yet from the time of his investment! He even says in the article "I will only get $1,500 back at the end of the lending contract". "WILL GET", not "GOT". Please stop spreading false information.
  2. We all know you're just trying to promote this shit for personal gain. Please do it elsewhere.
  3. You are not "in the same boat" as the people you referred. You only invested a minimal amount, and you're already in profit because of your referrals. If you withdraw (or already withdrew) your small initial investment, you are risking absolutely nothing, while they are risking their own money.
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Actually that same writer added a 12,000 loan. He's still wary but he's testing it.

https://steemit.com/bitcoin/@henry-gant/lets-find-out-bitconnect-lending-by-henry-gant-man-about-town

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that is normal for a ponzi scheme sir.

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Unbelievable Craig, big BIG disappointment, and don't keep saying you're on the same boat as everyone else, you're on the boat all those referrals built you, while referrals are swimming behind the boat, and will be the first to drawn...

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Oh wow, really? someone took a 10k $ loan to invest in bitconnect??

How will you be able to sleep at night if this turns out to really be a scam, craig? Will you just remove your youtube video and go on about your day?

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Jonathan Cole 2 days ago
Hey Craig, I have a few questions for you... You seem super gung ho on BCC right now, and I'm definitely interested in investing in it. But I'm SO wary of these fly by night HYIP schemes, and BCC lending DOES sound too good to be true. I've got about 40K to invest and I'm trying to really vet BCC, because this is a LOT of money to lose. But it's also a lot of profit to gain if the BCC lending is really legit. I'm wondering if you can tell me anything that will help me vet this system and blockchain. I'm worried that A- I won't get my money back after 120 days (how does it work??). Who's "borrowing" it to use with trading bots? And who handles the BCC lending contracts? What's to stop the bitconnect.co website from just walking away with my money after I lend it? How can I be totally comfortable in knowing that I won't get ripped off by the latest and greatest ponzi scheme? There doesn't seem to be a lot of info on BCC, just some weird videos of people in Vietnam going to a seminar, which doesn't tell me much. And all the news on CCN and cointelegraph are just paid press releases, which is kind of a red flag! True it's now top 20 in coinmarketcap, but that doesn't mean it's not controlled by a few whales who will cash out and collapse the whole system and run away with a shit ton of bitcoin! So obviously you stand to gain a LOTif I do get into BCC lending, because I'll be in your downline, and 40K is kind of a lot. So help me really wrap my head around this enough to feel comfortable with this. I have to go into this with full confidence. I have been google the sh%^ out of this and can't seem to find anything that will put my mind at ease. The affiliate marketing seems like a good option for you because of your youtube presence, but I'm more interested in the lending side, which I haven't really seen any really good proof of concept from anyone doing this in large amounts ($10,000+), or why this is a sustainable profit model. Any thoughts that might help sway me and any of the others in my same position who might read this? Thanks brother...

Reply

Craig Grant 2 days ago
If you cant afford to lose the 40K, then do not invest it in cryptocurrency

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Jonathan Cole 2 days ago
understood. A risk I'm definitely taking because I DO believe that cryptocurrency is going to change the world and I'm stoked to be an early adapter. The question isn't my willingness to invest in crypto in general, it's BCC. I just wanted to know if you had an info to point me to to help me vet it a bit more. But I agree crypto in general is risky. I'm willing to take the risk because the upside is ridiculously enormous if the crypto market reaches even 1% of Global GDP (one BTC would be $65,000), and exponentially higher if it reaches total mainstream acceptance. So I'm thinking the risk is worth it. My other thoughts are to invest it in a diversified top 5 or 10 crypto portfolio situation, or buy GMYU contracts and diversify the X11 profits. But right now I have a liquidated 401K in the form of bitcoin growing at the rate that bitcoin grows (obviously). Wasn't doing any good sitting as fiat in my old schwabb account collecting dust as the crypto markets explode. I'll pay the taxes on it now, get it over with and now it's free to invest in crypto. Sorry to bother, just wondered if you had any more info on BCC...

Reply
Craig Grant2 days ago
I started with a $100 loan, and another $100 loan a few days later, and will most likely do a $100 loan at least 1 time per week, because I can afford to lose that much.

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Jonathan Cole 2 days ago
fair enough

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Craig Grant 2 days ago
with 40k to spend, you can start with 1k, and play it by air from there

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Jonathan Cole 2 days ago
true... Might consider starting small with BCC and get a feel for it. I was doing the math on GMYU, and that amount in upgrades will payout like 3 Dash per day, which adds up, and GMYU is pretty trustworthy, I've been with them a year and a half, so... Not sure if I want to put it all into mining, but it's tempting...

Reply
Jonathan Cole
Holy shit this is real... I invested 10K yesterday, this is an amount I feel comfortable with because its the minimum amount to get the maximum interest rate with the minimum amount of commitment time (only 4 months). In my first day, I just got a $107 payout! I'm going to start youtube promoting this logging the results of this experiment, so others are inspired to do the same. THIS IS REAL. WOW... Congrats Craig, you just banked 10K into your level 1 downline. Good job brother...

Reply 1
Craig Grant 19 hours ago
4 months documenting could get you tons of referrals

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I stopped reading at

If you cant afford to lose the 40K, then do not invest it in cryptocurrency

Since you apparently can't see the difference between real crypto currency and MLM referral bullshit.

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at least you can see that I do not try to convince anyone to invest, so if he loses, then he is 100% responsible, as I am too, if I lose the money I loaned out

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Just wondering, did you ever put all your investments into BCC? How is the outlook on BCC now?

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Ponzis are scams, even if they pay out at first, because eventually they'll close and a lot of people are scammed out of their money.

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that will never happen with bitconnect

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watching this video in restropect after @craig-grant has made over $100,000 in BCC is quite hilarious. fear and ignorance isn't the best investment...

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the risk I took was $100, earned back 25 times more already

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Well, good for you, but you have been warned now. I'm assuming most of the income was from referrals. Are you the guy from YouTube?

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cryptocurrency is play money, nothing to be warned or worried about

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I guess we will agree to disagree about that :P

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Play money has real value but if you are putting it into a centralized exchange (Like BitConnect) then you're taking the risk. If BitConnect is a scam aren't all centralized exchanges also scams? Some other exchanges offer the loans too and use bots for liquidity. These are unregulated exchanges so do you suggest they should be regulated?

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Bitconnect is offering higher returns because of their "trade bot" without giving any information of its results just handing you numbers on their platform you have to trust.

Of course referrers make money, just like they do on any other ponzi if they are in there early. Comparing bitconnect to normal exchanges is absurd. They don't require your funds to be locked for 150-300 days.

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Thanks @thegrinder. I found this when trying to quickly get to the bottom of bitconnect. Would love you to give my article on Token a look over - https://steemit.com/token/@fraserb/token-browser-targeting-2-billion-unbanked-people-through-blockchain-innovation

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Maybe we need a BitDISCONNECT meme! Ha ha!

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Must feel good having a lot of people lose money if this indeed turns out to be a scam.

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i am in the same boat as everyone else invested, and I am prepared to lose $200, no problem

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What about the extra 12.5x of your earnings whike actively promoting a scam? I'm glad I didn't listen to any of these.

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I dot think int's scam, and I can wait a few months to know I'm right, if it does turn out to be a scam then I can delete all my videos that talk about or link to Bitconnect. In the past I did the same for Genesis when so many comenters were calling it a scam, I deleted all the videos and restarted promoting it a few months later. I remember when steem was a scam, and when dash was a scam. Time will tell

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Yes I remember that. I totally agree with you on this. When people don't try it or understand it they call it a scam. Just as they did With DASH, Genesis-Mining and Steemit.

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There is no question BitConnect is a scam. It has all the characteristics. Early adopters to these scams who know when to get their funds out can realize those returns, but only at the expense of the principal of all the other suckers who put their money in afterwards. If you promoted this to your YouTube audience, then I'm calling that a misuse of your influence.

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lol, wow. You'd think after all the time you put on the platform you'd know the difference between a project that in no way requires you to put money up front to be able to earn cryptos between one that does.

That's why I've been negative towards you pushing referrals as if its your day time job. A project that requires new investors to place 100 usd up front and the ones referring gain a % of that is a huge red flag considering no other genuine cryptos allow that. To top it off your funds are locked for x amount of days. Genesis mining is different in this regard, but bitconnect started to remind me more and more of MLM scams like Onecoin.

I deleted all the videos and restarted promoting it a few months later.

How does you deleting all videos of bitconnect help the users you referred who may lose money on it while you have gained a % of the money they have put in?

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Alright! only two things to play like trading win or lose nothing to worry that much I am prepared to lose and really appreciate when I won, At least I tried and not just speculating rock in roll to the world oh yeah!

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You, yourself not investing much in this. You have invested about $700 but you have earned much more from referrals.
Not all will get this much referrals.
You are not taking any risk of loosing money because you are not investing in it. You just want to earn from their referral program.

And also resteem if you feel like it, to warn others and keep me motivated to write more articles like this one. Thank you for your support!

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Welcome! I was scammed early on by something like this when I first entered Bitcoin. They took 8 BTC. They had a better looking site then Bitconnect even and eventually went quiet and took off. Scary times!

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I'd fully support an article that breaks down Onecoin for the masses. If you have the time at some point.

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I know nothing about this coin, sorry.

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Yeah, looks like it. Please flag Craig Grant's YouTube referral video from above, he's absolutely shameless! He still claims it's not a scam and giving out his referral link right on this post!

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That's Craig.. its like the natural profits from blockchain tech is not enough, he has to keep pushing those with referrals on to people and does it actively on his channel. Poor users who don't know better and follow him blindly...

Wish I could but due to my curation trail I don't flag posts as everyone would have to agree on it and could cause unnecessary drama, will link it to steemit.chat though for others to decide.

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Definitely resteeming. I've been seeing a lot of hype about Bitconnect. It sure looked like a Ponzi scheme to me. What had me SMH was the number of people getting excited who don't really have the expendable income to risk. A fool and his cryptocurrency are soon parted, but I still hate to see it. Your breakdown of how Bitconnect actually works and the true risk involved could help to take some of the shine off of this scam. Thanks for putting this together.

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Thank you for the resteem and the feedback!

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Awesome quote! "A fool and his cryptocurrency are soon parted"

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Not sure why, but I don't have the resteem option. Would really like to share this.

I have recently came across them myself. Huge scam, stay away! Anything that has your funds locked up for up to 299 days it's a scam. There is no financial instrument that has 40% per month return!!!
If you're looking for a legit lending business check out poloniex and poloniexlendingbot. No referrals, a more humble 30-50% APR (which is still a lot), and they advise you about the risks, minimal in this scenario.
If you have time, can you have a look at my project, vialcoin.com and give me some feedback please?
Much appreciated.
Upvoted and followed none the less.

P.S. This is also listed as a scam on www.badbitcoin.org, a site specialized in detecting cryptocurrency scams.

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Trying to to find the listing on badbitcoin .

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Go to http://www.badbitcoin.org/thebadlist/index.htm and go to letter "B" page, search for "BitConnect" with CTRL-F in your browser.

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One last thing: notice their payment table, it has these intervals: $100 - $1000, $1010 - $5000, $5010 - $10000, $10010 - $100000. They have $10 gaps at each step, so if you invest $1005, for example, you get nothing.

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lol wtf

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I know, right? :))

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The system is set up to loan in $10 increments therefore not possible to do a loan for $1005 as the system will not allow it. Please get your facts straight before spreading lies. You've proven your incompetence with this example

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Yeah, I should have invested to find out this piece of information, like all the "smart" people did. I'm assuming you are one of them.

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7 months later BITCONNECT still going and badbitcoin.org is running Bitconnect ads. Fascinating.

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That site has nothing of value to say about bitconnect either.
"Bitconnect.co We were watching to see how this played out, and it has played out to be just another ponzi fraud. 6/3/16"
What happened to make them say that? Nothing happened, that's what.... Check out the date on their entry.

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Thanks for that link, hadn't heard of the site before.

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Hi, I have really enjoyed reading this thread as I have recently made a small investment into Bitconnect. Both sides of this debate have had validility in my opinion.

But when I got to this point I clicked your link and it just shows a paragraph from 2016 stating that bitconnect is a ponzi scam. - Where is the evidence of this please?

I also found it slightly humorous that the same site had an advertisment and link for Bitconnect!
See below....

Untitled.jpg

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I saw the same thing today. LOL

Invest in BTC, earnings in USD, withdraw USD must buy BCC, withdraw BCC must be converted to BTC, all in their internal system, along with internal price ... huuffftttt... dunno it is scam or not

WOW,.....so bitconnect are lieing scammers.....and you difinitiy know well enough to title your post stating a slanderous slur as fact.....based entirely on your hunch....lol....nice journalism......can you please advice me more with your solid research
.and strongly backed assumptions

It does not matter if its a Scam or not
why?
Simply
1 invest
2 make your money back
3 play with free money
this is it
and if it is not a scam ?
you be well - very well

After 3 months they are still paying and what's amazing is that it has risen 3-4 times its value in 3 months.

I signed up to take a look around and it appeared to be a thinly concealed HYIP scam to me. I work too hard for my Bitcoin and Crypto Currencies to let greed take over. https://steemit.com/bitcoin/@hilarski/warning-bitcoin-hyip-scams-on-steemit

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I consolidated all my crypto and put it all into this. Glad I did. My crypto would be worth much less than it was. As it stands, it's worth more now.

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Theoretically worth more. Good luck cashing out of this massive musical chair game ;)

I admit I have been recently invested in BitConnect. I have not had any bad experiences yet however this post has ultimately made me withdraw my funds today, for the time being, until I establish the details you have outlined for myself. What you have noted does seems suspicious. The website and internal structure of the platform is very well made and works very well so for it to be a scam it is a very well designed one and a lot of effort has been put into its functionality. I have had no problem moving funds in or out nor have I had a problem with the exchange. I will play a cautious game from here and watch with interest. I appreciate your perspective.

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If this article saves just one person some money, I'm glad I wrote it! You should also check the rest of the comments for some more evidence of what I'm saying.

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Sure and I agree with the sentiment. However the reality is although you have some very valid points the claims of it being a scam are completely unsubstantiated at this point. Due diligence is required. The market cap on this coin is also significant and is growing everyday so I would hope that you are wrong as many people may get seriously ripped off if you are correct. A few spelling mistakes can be easily overlooked on a website of its size. I admit I missed them initially when making my decision to invest. Interest rates in a new monetary system beyond what we have been delivered by the manipulated fiat banking systems have made us speculate of its possibility. Can we actually earn healthy returns from a platform such as BitConnect and as suggested via trading bots, reinvestment strategies, trading fees and exchange profits? In regard to returns it does seem to be a little too good to be true so I agree tread with caution. Regardless, I have withdrawn my interests and moved it to other investments.

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The bots I've tried lose money more than they make it, so I'm not inclined to believe they can "guarantee" any returns at all.

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Fair call and I agree to 'guarantee' a return you would think it would need come from something a little more substantiated than an 'auto-bot'. It does not add up I agree. They would have to be investing funds into other areas for this to work in the long term and maybe they have an alternative strategy that they do not disclose. Time will tell.

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But it's not just me that thinks it's a scam, you can search google/youtube for plenty of people saying the same thing, even people that used to send referrals there. Then there's the fact that the owner information of the web address "bitconnect.co" is hidden, which adds a huge layer of distrust for a site that provides financial services. All trade sites, like ShapeShift, Poloniex, Bittrex etc. have public owner information. And the only reason they got to the top of the market cap list is mentioned in the article, because almost everybody is buying the currency and almost nobody is selling it. I had a lot more arguments for my case, but nobody would read it if I made it 1 kilometer long. I think you are being a bit subjective about this because you are subconsciously hoping not to get ripped off :P I hope that you will be able to get your investment back before they disappear.

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I am not doubting you, nor your intent. I am already out and I have my money safely outside of the platform. :) We will see what transpires and I will no longer be promoting BitConnect although I have been placing banners on my posts and website so will need to retract them for now.

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Taking down the ads is very responsible and unselfish thing to do and I commend you for it!

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I have added EDIT notes to two of my articles on BitConnect and have taken down all links and banners. Will keep the articles there for now for reference. Lets see how this one pans out.

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It's 7 months later. How has it panned out?

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It should also be noted that the major trade sites do not accept this currency, although it's a top 20 currency. This is a clear sign of distrust.

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But it can also have the opposite effect of opportunity cost for people who lost the opportunity to make some money. You didn't offer a viable alternative to BitConnect.

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Poloniexlendingbot.com Dana. No refferals, legit business, minimum risk, 30-50 % annual return. Doesn't sound as fab as 40% / month, but that's because one is real and the other a fantasy. ;)

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Yeah except the withdrawal I started half an hour ago is still "Pending" on Poloniex's website. First time this has happened, and I'm concerned it might be the last...

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Don't be. It can even take hours sometimes, but so far I had hundreds of deposits/withdrawals from poloniex and theu always come through. If you put in the right address you're fine ;)

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Took hours but went through. Thanks.

Were you running the bot leading up to the fork? It went crazy with huge returns, lending at 0.4% and more! The "Year, Compounded" was over 200%!

I have a feeling Poloniex did that in order to capture more BTC, as there's the "xdaythreshold" and "xdays" settings... I think it was rather slimy of them.

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It wasn't them. I was using the bot during the split, but I was only lending stellar and dodge. I kept my bitcoin out of lending, to get bitcoin cash. The reason interest rates were so high is because many others did what i did, so the supply dropped dramatically. Low suply + high demand= high price, or in this case, return.

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There is no viable alternative to BitConnect, except other scams. I did provide a link to what cryptocurrencies I do recommend that you invest in, though, at the bottom of the page.

Thanks for this article. I just opened an account there because I was curious. I also noticed a $#!tload of errors which raised a red flag. So I decided to research on it. Very fortunate to find someone that noticed the same. Thanks!!!

I put 5 btc in steemit at over $3 and now look at it. This was a pump and dump so is this a scam. People posting get paid by people investing. Is this a scam???

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People posting are getting paid by newly generated Steem. The site does not ask for you to invest in it. The site does not guarantee a profit if you do invest in it. Just a few subtle differences :)